Dear friends,
What is the difference between the two? Please provide detailed procedure and formalities for giving Power of attorney.
Is the power of attorney applicable for all financial deals?
Regards,
Rajendra.
From India, Pune
2What is the difference between the two? Please provide detailed procedure and formalities for giving Power of attorney.
Is the power of attorney applicable for all financial deals?
Regards,
Rajendra.
From India, Pune
Authorized signatory are allowed to sign on behalf of the directors where direct financial transaction doesn't take place for example sign of Cheque. but can be used for getting trade license, but in case of power of attorney the person gets absolute authority to deal with any thing
From India, Calcutta
From India, Calcutta
Dear Rajendrajdhv,
There are broadly two type of Power Attorneys 1) General Power of Attorney 2) Specific Power of Attorney. General Power of Attorney is generally issued in favour of those persons to carry day to day work. Specific Power of Attorney is specifically issued in favour of a person to carry/execute specific/particular type of work only and after its completion the Power of Attorney automatically becomes null n void. Stamping of Power of Attorney is mandatory. The applicable Stamp Duty differs from State to State in India e.g. it is of Rs.100/- in Gujarat State and i think it is Rs.200/- in Maharashtra State. Further the Power of Attorney should exhibit the photographs of both i.e. of Issuer and Power of Attorney holder and it should be motorized/registered with Notary Public.
With Regards,
A. Prakash
From India, Halol
There are broadly two type of Power Attorneys 1) General Power of Attorney 2) Specific Power of Attorney. General Power of Attorney is generally issued in favour of those persons to carry day to day work. Specific Power of Attorney is specifically issued in favour of a person to carry/execute specific/particular type of work only and after its completion the Power of Attorney automatically becomes null n void. Stamping of Power of Attorney is mandatory. The applicable Stamp Duty differs from State to State in India e.g. it is of Rs.100/- in Gujarat State and i think it is Rs.200/- in Maharashtra State. Further the Power of Attorney should exhibit the photographs of both i.e. of Issuer and Power of Attorney holder and it should be motorized/registered with Notary Public.
With Regards,
A. Prakash
From India, Halol
Dear Friend,
Authorised signatory and power of attorney are entirely different.
Authorised signatory : This is an internal procedural adjustment, some one is authorised to carry on the works on paper and to deliver on behalf of the seniors. This is a delegated power. However, authorised signatory and the power is restricted. In Govt. Sector, some officials are recognised for authorised signatory on cheques. The responsibility squarely rest on those who delegate the power.
Power of Attorney : It is an Act, under the Law Commission of India, the power attorney entails the responsibility on those who are delegated with the power on behalf of some one, this is being registed under the Act (respective Acts), A Chartered Accountant is delegated with the power attorney for the cases on behalf of the owners/organisations, Land dealings are come under power attorney who is authorised to sell on behalf of the land owner, etc., such power of attorney need be registered with the authorities on due formalities. You please find an attachment for power of attorney for your reference.
From India, Arcot
Authorised signatory and power of attorney are entirely different.
Authorised signatory : This is an internal procedural adjustment, some one is authorised to carry on the works on paper and to deliver on behalf of the seniors. This is a delegated power. However, authorised signatory and the power is restricted. In Govt. Sector, some officials are recognised for authorised signatory on cheques. The responsibility squarely rest on those who delegate the power.
Power of Attorney : It is an Act, under the Law Commission of India, the power attorney entails the responsibility on those who are delegated with the power on behalf of some one, this is being registed under the Act (respective Acts), A Chartered Accountant is delegated with the power attorney for the cases on behalf of the owners/organisations, Land dealings are come under power attorney who is authorised to sell on behalf of the land owner, etc., such power of attorney need be registered with the authorities on due formalities. You please find an attachment for power of attorney for your reference.
From India, Arcot
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POWER OF ATTORNEY.doc
Man-power-reque stion_897.zip
Tolle, Eckhart - The Power of Now.pdf